GFE FHA 203K

[RABQUE]

Would like some opinions regarding this GFE 

FHA 30 Year Fixed 203K
Loan Amount $179,487.00
LTV 110.25%
Interest Rate: 5.50
Fico Scores as of 04/27/09
TU: 687
EQ:672

Closing Cost

802.Discount Fee 1.000%           $1,794.87
803. Appraisal Fee                $400.00
804. Credit Report                $30.00
807.Document Preparation Fee      $395.00
808. Tax Service Fee              $81.00
810. Flood Certification Fee      $18.00
811. Underwriting Fee             $250.00
1102. Abstract/Title Search       $275.00
1103. Title Examination           $375.00
1104. Title Insurance Binder      $50.00
1108. Title Insurance             $704.00
1113. Prepare/Overnight Releases  $60.00
1201. Recording Fees              $80.00
1202. City/County Tax/Stamps      $1,120.00
1204. Recordation Doc Stamp Tax   $400.00
1301. Survey                      $250.00

 
Total Closing Costs               $6,282.87

Details of transaction
 
A. Purchase price    $160,000.00
B. Alterations, Improvements      $23,125.50
E. Estimated Prepaid Items        $4,072.39
F. Estimated Closing Cost   $4,488.00
G. PMI,MIP, Funding fee            $3,087
H. Discount (If Borrower will pay) $1,794.87 
I. Total Cost                      $196,567.76
K. closing                        $9,600.00
M. Base Loan Amount               $176,400.00
N. PMI, MIP,Funding Fee Financed  $3,087.00
O. Loan Amount                    $179,487.00
 
Cash Required For Settlement      $7,480.76
 
PREPAID AND ESCROW COSTS
 
901. Per Diem Interest            $405.69
     15 Days @27.046
902. Mort. Ins Prem (1Yr)         $0.00
903. Hazard Ins. Prem             $600.00
904. Flood Ins. Prem              $0.00
905. MIP/VA Funding Fee           $3,087
1001. Hazard Insurance            $150.00
      3months @50/mo
1002. Mortgage Ins                $0.00
1003. City Property taxes         $0.00
1004. County Property taxes       $2,916.70

Total Prepaid and Escrow Cost     $4,072.39

[Anonymous]

Do you mind if I ask what the DTI ratio is for this loan?

Do you have to pay PMI per month?

What is your DP?

[RABQUE]

Yes the PMI is 80.36 monthly and I am receiving down payment assistance from one of the local programs.

[RABQUE]

bump

Any opinions?

[Anonymous]

I'm receiving about the same loan financing 203K one interesting thing that I found here this morning pertaining to PMI is that you have two options paying it.. If you have the Suze Orman kit on this site then you can do it yourself it's under "find out if you can afford this home" well basically Option (1) which is the one you and myself have is: Paying the PMI monthly which results in your $80.00 additional payment..  Option (2) involves  paying your PMI at closing which in turn is folding it into your mortgage, and since it'll be part of your mortgage, it's tax-deductible!!

Example based on my figures with Option (1) it costs me an extra $71.00 per month on top of $900  for my P&I

Option (2) it cost me only an extra $15.00 per month which is now apart of my P&I for a total of $915.00!!  So, of course I emailed my LO already and made an appointment tomorrow to fix this "mix up"

[RABQUE]

My LO said the following

The UFMIP – Upfront Mortgage Insurance premium is financed into the loan amount… It is 1.75% of the base loan amount.  Base loan amount is 96.5% of the sales price. 

Your monthly MI is what you are referring to and it can’t be removed – It’s required on all FHA loans.

[Anonymous]

What area are you in to recieve downpayment assistance? I live in Texas and would love to find a company to assist me with down payment.